Freeport-McMoRan 2013 Annual Report Download - page 83

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CONSOLIDATED STATEMENTS OF CASH FLOWS
2013 ANNUAL REPORT | 81
Years Ended December 31, 2013 2012 2011
(In millions)
Cash flow from operating activities:
Net income
$ 3,441
$ 3,980 $ 5,747
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
2,797
1,179 1,022
Net losses on crude oil and natural gas derivative contracts
334
— —
Gain on investment in MMR
(128)
— —
Stock-based compensation
173
100 117
Pension plans contributions
(71)
(140) (46)
Net charges for environmental and asset retirement obligations, including accretion
164
22 208
Payments for environmental and asset retirement obligations
(237)
(246) (170)
Losses on early extinguishment of debt
35
168 68
Deferred income taxes
277
269 523
Increase in long-term mill and leach stockpiles
(431)
(269) (262)
Other, net
162
128 (126)
(Increases) decreases in working capital and changes in other tax payments,
excluding amounts from acquisitions:
Accounts receivable
49
(365) 1,246
Inventories
(288)
(729) (431)
Other current assets
26
(76) (57)
Accounts payable and accrued liabilities
(359)
209 (387)
Accrued income taxes and changes in other tax payments 195 (456) (832)
Net cash provided by operating activities 6,139 3,774 6,620
Cash flow from investing activities:
Capital expenditures:
North America copper mines
(1,066)
(825) (494)
South America
(1,145)
(931) (603)
Indonesia
(1,030)
(843) (648)
Africa
(205)
(539) (193)
Molybdenum mines
(164)
(245) (438)
U.S. oil and gas operations
(1,436)
— —
Other
(240)
(111) (158)
Acquisition of Plains Exploration & Production Company, net of cash acquired
(3,465)
— —
Acquisition of MMR, net of cash acquired
(1,628)
— —
Acquisition of cobalt chemical business, net of cash acquired
(348)
— —
Restricted cash and other, net (181) 31 (1)
Net cash used in investing activities (10,908) (3,463) (2,535)
Cash flow from financing activities:
Proceeds from debt
11,501
3,029 48
Repayments of debt
(5,476)
(3,186) (1,313)
Redemption of MMR preferred stock
(228)
— —
Cash dividends and distributions paid:
Common stock
(2,281)
(1,129) (1,423)
Noncontrolling interests
(256)
(113) (391)
Debt financing costs
(113)
(51) (10)
Contributions from noncontrolling interests
—
15 62
Net (payments for) proceeds from stock-based awards
(97)
(1) 3
Excess tax benefit from stock-based awards (1) 8 23
Net cash provided by (used in) financing activities 3,049 (1,428) (3,001)
Net (decrease) increase in cash and cash equivalents
(1,720)
(1,117) 1,084
Cash and cash equivalents at beginning of year 3,705 4,822 3,738
Cash and cash equivalents at end of year $ 1,985 $ 3,705 $ 4,822
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.